Form ptax 340 2016-2025

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The document is the PTAX-340 form for the 2016 Senior Citizens Assessment Freeze Homestead Exemption in Illinois. It provides instructions for eligible senior citizens to apply for a property tax exemption that freezes their home's assessed value based on their income and age. The form requires personal information, property details, and household income for 2015, along with an affidavit confirming eligibility criteria such as age (65 or older) and income (not exceeding $55,000). It outlines the application process, eligibility requirements, and necessary documentation.

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How does the senior freeze exemption work in Illinois?

Senior homeowners are eligible for this exemption if they are over 65 years of age and have a total household annual income of $65,000 or less in the 2023 calendar year. A Senior Freeze Exemption provides property tax savings by freezing the equalized assessed value (EAV) of an eligible property.

Are there property tax breaks for seniors in Illinois?

The senior citizen homestead exemption is available to property owners over age 65 for the applicable tax year. Property taxes are paid one year after they are assessed. That means for the bills that are payable in 2023, the homeowner needed to be age 65 by December 31st, 2022, or before.

What age do you get property tax exemption in Illinois?

This program allows persons 65 years of age and older, who have a total household income for the year of no greater than $65,000 and meet certain other qualifications, to defer all or part of the real estate taxes and special assessments (up to a maximum of $7,500) on their principal residences.

Who qualifies for homeowners exemption in Illinois?

Taxpayers whose primary residence is a single-family home, townhouse, inium, co-op or apartment building (up to six units) are eligible. First-time applicants must have been the occupants of the property as of January 1 of the tax year in question.

How do I become exempt from property taxes in Illinois?

Most homeowners are eligible for this exemption if they meet the requirements for the Senior Exemption and have a total household annual income of $65,000 or less in the calendar year 2022. This exemption provides significant savings by freezing the equalized assessed value of an eligible property.

How much is the senior homestead exemption in Illinois?

The Senior Homestead Exemption provides for a maximum of an $8,000 reduction from the equalized assessed valuation. For a senior whose property is subject to an average tax rate of $7.2970 per one hundred dollars of assessed value, this results in a tax savings of $584 ($8,000 x 7.2970%.).

Is there an age where you dont have to pay property taxes anymore?

The minimum age requirement for senior property tax exemptions is generally between the ages of 61 to 65. While many states like New York, Texas and Massachusetts require seniors be 65 or older, there are other states such as Washington where the age is only 61.

At what age in Illinois do you stop paying property taxes?

Most senior homeowners are eligible for this exemption if they are 65 years of age or older (born in 1959 or prior) and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessors Office automatically renews it for you each year.

Form ptax 340 2016-2025

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Got questions?

How does the senior freeze exemption work in Illinois?

Are there property tax breaks for seniors in Illinois?

What age do you get property tax exemption in Illinois?

Who qualifies for homeowners exemption in Illinois?

How do I become exempt from property taxes in Illinois?

People also ask

How much is the senior homestead exemption in Illinois?

Is there an age where you dont have to pay property taxes anymore?

At what age in Illinois do you stop paying property taxes?

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Form ptax 340 2016-2025

Here's how it works

How to edit Form ptax 340 2016 in PDF format online

See more form ptax 340 2016 versions

Complete this form in 5 minutes or less

Got questions?

How does the senior freeze exemption work in Illinois?

Are there property tax breaks for seniors in Illinois?

What age do you get property tax exemption in Illinois?

Who qualifies for homeowners exemption in Illinois?

How do I become exempt from property taxes in Illinois?

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People also ask

How much is the senior homestead exemption in Illinois?

Is there an age where you dont have to pay property taxes anymore?

At what age in Illinois do you stop paying property taxes?

Related links

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